Odoo is not supposed to mean anything. The root of the word comes from On Demand Open Object, but we will not advertise on this. The same way, only a small fraction of their users knows that Google comes from Googol which is the number 1.0 × 10^100.

Odoo 8 is the same thing as what would have been OpenERP 8. There is no difference in the product. If you are evaluating trunk, it will continue to evolve towards v8. Of course, you shouldn't use a trunk version in production considering it is a development version.

The change of name is not going to impact the product structure differently than what had been intended from the start. The v8 will come with a significant number of improvements and new modules. However, there is one change which is the structure of the file repository due to the fact that we are moving from Launchpad to GitHub. More info here: https://github.com/odoo/odoo/wiki/GitHub-Transition#layout And we should start talking about "master" instead of "trunk".

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